DeFi Protocols’ Angels Back Dune Analytics in $2 Million Seed Funding Round

Dune Analytics, the Ethereum data website which lets the community view and creates charts illustrating activity on the Ethereum blockchain, today announced raising a $2 million seed round, led by cross-border crypto venture fund Dragonfly Capital among other, in a bid to ramp up the platform’s team and product. It was originally run by two team members – the Co-founder and CEO Fredrik Haga, and CTO Mats Julian Olsen, out of Oslo, Norway. Haga had earlier revealed that the company was founded in September 2018 but got it first paying customers three months later.

Announcing the latest development, Dune Analytics released an official blog post in which it stated,

“We’re in the fortunate position where all our investors are also active users. These are some of the smartest minds in the space and we are incredibly excited to have world-class investors.”

The web-based tool essentially deploys data from Ethereum smart contracts and spins them into charts that show data for metrics such as decentralized exchange [DEX] volume, DeFi users figures, and various transaction sizes.

Besides, the funding round was also led by industry giants such as Digital Currency Group, Coinbase Ventures, Alameda Research, Coingecko. Interestingly, the list of angel investors included well-known executives of the DeFi sector like Uniswap’s Matteo Leibowitz, Compound’s Calvin Liu as well as Aave’s Stani Kulechov among others. Yearn.Finance’s Andre Cronje also participated in the round via a non-dilutive grant, stated Dune Analytics.

The post, which was penned by Haga, further read

“With the funding, we will be able to scale and greatly improve the Dune product, for both query creators and non-technical community members exploring dashboards. We’ve seen the magic that is created when you couple easy to use, powerful, and free data tooling with this community and that magic is exactly what we will continue to facilitate in a bigger and better way.”

While revealing that the platform was making its very first hires remotely across Europe further, the blog post went on to add that,

“There are now 18,000 analyses on Dune created by thousands of community members. Free for anyone to explore, share, get inspired by, inspect and fork “